BOONE, N.C. — NorthState Capital Partners has led an investment group in the acquisition of a three-property student housing portfolio near Appalachian State University in Boone. The properties include the 204-bed Highland Crossing, the 84-bed Greenway Commons and the 48-bed Greenway Cove. Combined, the apartment properties are 96 percent occupied. The AppalCart, the primary local public transportation system, has bus stops directly in front of the properties.
MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $14.9 million sale of Lincoln Palms, a portfolio of five multifamily parcels totaling 66 units located off Lincoln Road in Miami Beach. The community comprises 35 studios, 28 one-bedroom apartments, two two-bedroom apartments and one four-bedroom townhouse. Apartment units feature ceramic tile and solid oak wood flooring, wall air-conditioning units and walk-in closets. Some units feature private patios or balconies. All five buildings have a connected courtyard with sitting areas and bicycle racks for residents. Arthur Porosoff of Marcus & Millichap’s Miami office represented the seller, a private investor from New York. Joseph Thomas and Frank Fausone of the firm’s Fort Lauderdale office secured the buyer, a private investor from Miami.
HOUSTON — Cushman & Wakefield has arranged the sale of a 58,000-square-foot industrial property at 4909 Fulton St. in Houston. Will Condrey, David Cook, Jeff Peden and Scott Miller of Cushman & Wakefield’s Houston office represented the seller, F&J Real Estate Investments Ltd., in the transaction. Russell Hernandez of Hernandez Properties represented the buyer, 4909 Fulton Ltd. The property is located near Houston’s newly built Northline Transit Center.
HOUSTON — Hartman Short Term Income Properties XX Inc. affiliate Hartman Highway 6 LLC has purchased the Timbercreek Atrium and Copperfield office buildings. The two Class B office buildings total 93,656 square feet and are located in the northwest Houston submarket, along Highway 6 between I-10 and FM 529. Timbercreek Atrium is a three-story, 51,035-square-foot building located at the intersection of Highway 6 North and Timbercreek Place. The property was 79 percent leased at the time of sale. Tenants include The Loken Group, H2O and the Harris County Hospital District. Copperfield Building is a three-story, 42,621-square-foot office building located on Spencer Road. At the time of sale, the property was 80 percent leased to J.P. Morgan Chase Bank, Deep Sea Development and Harvey Home Health. Joshua Lass-Sughrue, Douglas Pack and Sam Hansen of NAI Partners, along with Jordan Summerville of C-III Realty Services, represented the seller in the transaction. Dave Wheeler, Julian Kwok and Russell Turman of Hartman Income REIT represented Hartman Highway 6 LLC.
DALLAS — Colliers International represented the law firm of Weil, Gotshal & Manges in the sublease of its 21,713-square-foot office space at 300 Crescent Court in Dallas. Schiff Hardin LLP, a law firm headquartered in Chicago, is the new tenant and will use this space as its new Dallas location. Schiff Hardin is currently in a temporary office at 100 Crescent Court while the company’s space is being renovated. The former Weil space was a secondary floor, which means that a reception area, break room and conference rooms will need to be constructed for Schiff Hardin’s new office. Schiff Hardin will occupy the entire fourth floor once the renovations are complete. Hunter Blanks, Travis Ewert and Scott Hage of Colliers International’s Dallas office represented Weil, Gotshal & Manges in the transaction. Bob Chodos and Steve Levitas of Colliers International Chicago represented Schiff Hardin LLP.
NEW YORK CITY — TerraCRG has arranged the acquisition of a development site located at 1525 Bedford Ave. in Brooklyn’s Crown Heights neighborhood. Adam America purchased the site for $32.5 million. The site offers 144,404 buildable square feet and 500 feet of wrap-around frontage along Eastern Parkway, Bedford Avenue and Lincoln Place. The buyer plans to develop a mixed-use property on the site, which is one block away from Franklin Station with access to the 2, 3, 4 and 5 subway lines. The new development will feature residential condominiums, ground-level retail space, a gym, basketball courts, tenant lounge with complimentary WiFi, a roof deck and modern amenities. Approximately 20 percent of the residential units will be affordable housing. Ofer Cohen of TerraCRG represented the buyer in the transaction. The seller was not disclosed.
NEW YORK CITY — The Feil Organization has completed 80,000 square feet of new leases at 7 Penn Plaza, a 18-story, 368,000-square-foot building, in New York. Recent leases include TranSystems’ 6,800-square-foot lease on the seventh floor, SourceOne’s relocation to 11,000 square feet on the fourth floor, RCG Longview and Estrich & Co.’s relocation to 17,000 square feet on the 14th floor, Guilford Publication’s 11,500-square-foot lease on the 12th floor, and National Hemophilia Foundation’s lease of 11,000 square feet on the 12th floor. Additionally, Retail, Wholesale and Department Store Union (RWDSU) signed for 23,000 square feet on two floors of the building. All tenants are expected to be open by summer. David Turino of The Feil Organization represented Feil in all the transactions. Michael Beyda of Benchmark Properties represented Guildford; Eric Thomas of Cresa New York represented the National Hemophilia Foundation; Brian Gella and Laurence Briody of CBRE represented RWDSU; and Joseph Mangiacotti of CBRE represented TranSystems in the transactions. Jeffrey Management Corp. is the building’s leasing and managing agent.
NEW YORK CITY — Savanna closed its fourth fund with more than $440 million in commitments and added five New York City properties, totaling more than 2.5 million square feet, to its portfolio in 2014. Savanna Real Estate Fund III L.P. held its final closing in the fall with commitments from a wide variety of institutional investors, including insurance companies, sovereign wealth funds, public and private pension funds, foundations, fund of funds and wealth management companies. The firm’s 2014 acquisitions in New York City include One Court Square, a 1.5 million-square-foot office tower in Long Island City; 540 West 26th Street, a development site in Chelsea; 110 William Street, a 930,000-square-foot office building in the Financial District; 10 Madison Square Park, a retail condo in the Flatiron District; and 141 Willoughby Street, a development site in downtown Brooklyn. So far in 2015, Savanna has acquired the former Schlitz Brewery in Bushwick and 461 West 14th Street, a newly built retail property in the Meatpacking District. Additionally, the firm plans to close on the purchase of a 175,000-square-foot property in the Bronx within the next month.
NEW YORK CITY — Eastern Consolidated has arranged a long-term lease with Jacadi, a high-end children’s fashion company. The company will occupy 1,500 square feet of ground-floor retail space at 106 Reade St. in Tribeca. The property offers 20 feet of sidewalk frontage, more than 200 square feet of mezzanine space, 16-foot tin ceilings, exposed brick walls and sub-cellar storage space. James Famularo and Ravi Idnani of Eastern Consolidated represented the undisclosed landlord, while Jason Turner of Zelnick & Co. represented the tenant in the transaction.
LITTLE ROCK, ARK. — HFF has brokered the sale of the 288-room DoubleTree by Hilton Downtown Little Rock hotel in downtown Little Rock. The 14-story hotel has recently undergone $10 million in capital improvements and features the Plaza Grille and Lounge, a business center, swimming pool, fitness center and 12,000 square feet of meeting space. The hotel, located at 424 W. Markham St., is attached to the Robinson Center Music Hall, which is undergoing a $68.6 million reconstruction. The hotel is located within walking distance to the River Market Entertainment District, the William J. Clinton Presidential Center and Library and Highway 167. Denny Meikleham, John Bourret and Alan Suzuki of HFF represented the seller, a joint venture between Trinity Hotel Investors LLC and BayNorth Capital LLC. An affiliate of New York-based Fifth Avenue Capital LLC and Waterford Hotel Group purchased the hotel for an undisclosed amount.
